Korean Interdiction and Modernization of Sanctions Act

Sponsor: ED ROYCE (R-CA)

TITLE I--SANCTIONS TO ENFORCE AND IMPLEMENT UNITED NATIONS SECURITY COUNCIL SANCTIONS AGAINST NORTH KOREA (Sec. 101) This bill amends the North Korea Sanctions and Policy Enhancement Act of 2016 to direct the President to designate and subject to specified sanctions under such Act any person who knowingly: purchases or acquires from North Korea any significant amounts of gold, titanium ore, vanadium ore, copper, silver, nickel, zinc, or rare earth minerals; sells or transfers to North Korea any significant amount of rocket, aviation, or jet fuel, except for certain use by a civilian passenger aircraft outside North Korea; provides significant amounts of fuel or supplies or facilitates a significant transaction to operate or maintain a vessel or aircraft that is designated under an applicable executive order or an applicable United Nations Security Council resolution; insures or registers a vessel owned or controlled by the government of North Korea, except as approved by the Security Council; or maintains a correspondent account with any North Korean financial institution, except as approved by the Security Council. The President may designate and subject to such sanctions any person who knowingly: purchased or otherwise acquired significant quantities of coal or iron in excess of Security Council limitations from the North Korean government; purchased or otherwise acquired significant types or amounts of textiles from such government; facilitated a significant transfer to such government of funds or property that materially contributes to a violation of an applicable Security Council resolution; facilitated a significant transfer to or from such government of bulk cash, precious metals, or gemstones; sold or otherwise provided to such government significant amounts of crude oil, condensates, refined petroleum, other types of petroleum or petroleum by products, liquefied natural gas, or other natural gas resources, except for fuel oil, gasoline, or diesel fuel for humanitarian use; engaged in or was responsible for online commercial activities of such government, including online gambling; purchased or otherwise acquired fishing rights from such government; provided significant telephonic, telegraphic, telecommunications or other data services into or out of North Korea in excess of services needed for humanitarian or diplomatic purposes; purchased or otherwise acquired significant types or amounts of food or agricultural products from such government; engaged in or was responsible for the exportation of workers from North Korea in a manner intended to generate significant revenue; conducted significant transactions in North Korea's transportation, mining, energy, or financial services industries; or except as approved by the Security Council and other than through a correspondent account, facilitated the operation of any North Korean financial institution. The President may block transactions of U.S.-based or -controlled property or interests as part of such discretionary sanction authority.

International Affairs Topic assigned by the Congressional Research Service.